ExxonMobil Streamlining Upstream Organization to Support Growth Plans

Sunday, February 3, 2019

Press Release

Exxon Mobil Corporation said today it will streamline its upstream organization and centralize project delivery across the company to support previously announced plans to double operating cash flow and earnings by 2025.

“We’re simplifying and integrating our upstream organization to better capitalize on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the U.S. Permian Basin, Guyana, Mozambique, Papua New Guinea and Brazil,” said Neil Chapman, senior vice president.

“Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments to take advantage of our unique capabilities across the value chain. A clear example is what we’re doing in the Permian, which includes upstream, midstream and downstream investments, enabling us to maximize value unlike any of our competitors.”

The reorganization will be effective April 1 and involve creation of three new upstream companies — ExxonMobil Upstream Oil & Gas Company, ExxonMobil Upstream Business Development Company and ExxonMobil Upstream Integrated Solutions Company.

The ExxonMobil Upstream Oil & Gas Company will focus on end-to-end value chain management in five distinct global businesses — unconventional, liquefied natural gas, deepwater, heavy oil and conventional.

ExxonMobil Upstream Business Development Company will oversee strategy development, exploration, acquisitions and divestments and actively manage an upstream portfolio that is considered the most attractive since the 1999 merger of Exxon and Mobil. Consolidation of upstream portfolio management efforts in one organization will further strengthen the company’s ability to optimize portfolio value.

ExxonMobil Upstream Integrated Solutions Company will provide technical and specialized commercial skills, such as drilling, research & technology, gas and power market optimization, and the global deployment of resources.

The following executives will lead the new companies:

• Liam Mallon, currently president of ExxonMobil Development Company, will become president of ExxonMobil Upstream Oil & Gas Company.
• Steve Greenlee, currently president of ExxonMobil Exploration Company, will become president of ExxonMobil Upstream Business Development Company.
• Linda DuCharme, currently president of ExxonMobil Global Services Company, will become president of ExxonMobil Upstream Integrated Solutions Company. Neil Duffin, currently president of ExxonMobil Production Company, will become president of ExxonMobil Global Projects Company. Investments outlined during the annual investor presentation, across all three segments of ExxonMobil’s business – upstream, downstream, and chemical – will generate double digit rates of return.
• As part of the company’s annual presentation to investment analysts in March 2018, ExxonMobil outlined a growth strategy to increase earnings by more than 100 percent – to $31 billion by 2025 at constant 2017 prices – from 2017’s adjusted earnings.
• The company’s proven project-delivery capability will be enhanced through a single organization – ExxonMobil Global Projects Company – which will centralize major capital project planning and execution expertise into a single organization that will support all three business segments – upstream, downstream and chemical.

« GO BACK

You may also like

" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">

First LNG Realized at the Greater Tortue Ahmeyim Project

" alt="United Energy Acquires Western Desert Producer APEX">

United Energy Acquires Western Desert Producer APEX

" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">

Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG

" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">

ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System

" alt="Tullow Highlights 2025 Operational Plans in Ghana">

Tullow Highlights 2025 Operational Plans in Ghana

" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">

TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years

" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">

Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession

" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">

Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market